Jungjingong Startup Success Package, 'Wings' for Startups

This Year's Entrant Companies Achieve 129.8 Billion KRW Sales and 3,300 Jobs in H1
Youth Startup Academy Sees 26.8% Sales and 39.9% Employment Growth Compared to Last Year H1

At the Global Startup Academy entrance ceremony, Chairman Kim Hak-do is answering questions from the entrants.

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Kwon Chil-seung, hereinafter referred to as the Ministry) and the Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced on the 12th that startup companies participating in this year's Startup Success Package project achieved sales of 129.8 billion KRW and created 3,311 jobs as of the first half of the year.

The Ministry and SBC are actively supporting young entrepreneurs and innovative technology-based startups through the Youth Startup Academy and the Global Startup Academy to revitalize the domestic startup ecosystem. Reviewing the first half results this year, 1,065 companies enrolled in the Youth Startup Academy generated sales of 119.4 billion KRW and employment of 3,041 people. Compared to the first half results of the previous cohort, sales increased by 26.8% and employment by 39.9%. Additionally, 56 companies succeeded in attracting a total of 8.9 billion KRW in investment funds.

The Global Startup Academy, which opened in August last year and recruited its second cohort this year, also showed remarkable results. Sixty enrolled companies recorded sales of 10.4 billion KRW and employed 270 people in the first half, while six companies attracted investments totaling 1.1 billion KRW. Notably, last year, companies enrolled in the Global Startup Academy won silver and bronze medals respectively at the global competition platform 'Kaggle.' SBC plans to continue providing global-level education and incubation this year to help startups expand their global perspectives and enter overseas markets early.

The Global Startup Academy expanded its support targets this year from artificial intelligence (AI) to include data and network, covering all fields of 'D.N.A.' Based on last year's satisfaction survey results, the curriculum was reorganized to enable enrollees to acquire customized technical know-how step by step.

Kim Hak-do, Chairman of SBC, said, "As a result of comprehensive support for startups in the youth and D.N.A innovation technology sectors through the Startup Success Package project, enrolled companies have achieved excellent results despite the COVID-19 crisis. SBC will continue to support promising entrepreneurs to lead the Korean New Deal through systematic startup commercialization support."

This content was produced with the assistance of AI translation services.